I think OP is generally absolutely right.
However, with Demon's and Dark Souls, the horror soon gets well beyond skin deep once you get used to and accept the presentation. The first time the Taurus Demon made his surprise appearance, I nearly peed my pants and panicked quite a bit. The first Capra Demon confrontation is nightmare inducing, giving folks that usually don't have any issues a taste of claustrophobia.
Every time you see something strange and scary from afar, it usually piques your interest... and when you finally reach it, and it turns out to be a scary place and a huge big bad, you usually wish you were somewhere completely different, as death is sometimes very likely to happen. After a while, you can get truly paranoid about the slightest sounds. Every time you enter a new area, it eventually becomes quite natural to always expect the worst... it's what keeps you alive.
I like that.
First person can very well be OK. But, alas, the actual fighting mechanics (if there are any beyond pew pew pew shooty shooty bang bang) tend to be rather dull and simple. Which is OK for games like Slenderman or other titles that are different enough, but it really gets annoying fast in everything from Generic Crap Game X to, well, even Skyrim. I like magic and bows in Skyrim, to some extent, but melee combat is just so unrefined it hurts.